Obama's Small Business Aid Plan Gets Mixed Reviews From Entrepreneurs (VIDEO)

Small business owners are mixed on the Small Business Jobs and Credit Act, which was signed into law by President Barack Obama earlier this week. The Huffington Post's Samira Nanda spoke with small business owners in downtown New York City to hear their reaction to Obama's $30 billion bill.

President Obama said recently that the bill will "cut taxes and provide loans for millions of small business owners across America."

But will the bill spur lending and create jobs?

WATCH:

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Comments

[Matthew Kaufman]

01:24 PM on 10/22/2010

It is great to hear that the financing concerns of small business are finally being addressed. It will be interesting to see what the long-term effects are of President Obama’s program. Check out this recent survey conducted by the online legal company Rocket Lawyer (http://www.rocketlawyer.com):

Rocket Lawyer™ Survey Reveals Small Business Owners’ Anxiety over Legal Costs
(http://www.rocketlawyer.com/news/article-press-release-10-19-10a.aspx)

The survey reveals how small business owner’s view the current economic climate and how President Obama’s program has affected their ability to obtain credit so far. For example, the Rocket Lawyer study results indicate that 52 percent of small business owners believe the Obama program to provide more credit access to SMBs has not opened up credit.

[businessVideoFast]

06:23 PM on 09/29/2010

Whatever happens with the political debate, small business needs to do what it can to survive. Clever small business will look at the internet to find new customers and brand advocates. Creating a social website, interacting with customers online; using local search directories and even creating viral media or simple podcasts can create more traffic to business sites and brands, and possibly more income from added customer interest. Most of these tools are found online are completely free to use. American business will survive. Its these bad times that require innovation to reshape a better future.

[noaxe397]

06:00 PM on 09/29/2010

This BS that no business, big or small, will make plans or invest because of uncertainty over what Obama does is just that:  BS.

Everyone knew the Bush taxes cuts would expire, the expiration date was known 10 years ago!

How can a business go on for 10 years without a contingency plan to operate with OR without the tax cut renewal?  How can ANY business sit on capital and not use it to make more money just because taxes may or may not change.  Do you sit apital because there might be a blizzard or hurricane?  Or a terr0i$t attack?

When do small business owners stop blaming the government for everything and get down to the business of business.   And don't reply if all you are going to say is that old tired response that if I don't own a business I don't know what I'm talking about.

I pay taxes, too, but I have far fewer loopholes and deductions than a business to mitigate my tax burden, and I can't deduct many of MY daily operating expenses like a business can.

Stop whinning, start selling and hire people so they have money to buy your products.

[AustinG]

12:05 PM on 09/29/2010

By letting the tax cuts expire this plan in essence will tax small businesses more, but allow them to fill out a bunch of paperwork to get that money back while paying interest on it. Boy the Democrats really want those small businesses to succeed eh?

[silverstreet]

03:33 PM on 09/29/2010

Only 3% of all small businesses benefit from the tax cuts. Small businesses cannot succeed without demand -- customers.

[AustinG]

03:41 PM on 09/29/2010

That 3% number is misleading. Those 3% are where most of the employment is located. Something like 50% or more of all small businesses have 0 or 1 employee. Many have no income and were setup simply at the hope of turning some activity into a business.

[Raccoon1]

10:00 AM on 09/29/2010

I have a small business and NOW I will go buy some equipment I've been needing.

[njgal4obama]

10:54 AM on 09/29/2010

Smart!